CoinDesk Analysis Team
CoinDesk
Bitcoin (BTC) is roughly flat over the past 24 hours as upside momentum wanes over the short-term. The cryptocurrency was trading around $47,000 at press time and support is nearby around the $46,000 price level.
There is strong resistance near $50,000, which can limit upside moves. However, buyers will likely defend lower support levels as BTC consolidates.
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The relative strength index (RSI) on the four-hour chart is declining from overbought levels reached on Wednesday. This could encourage brief selling towards $46,000 support.
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The RSI on the daily chart is around neutral levels, indicating a period of price consolidation could persist around the 200-day moving average, currently at $45,800.
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Upside momentum is slowing on intraday charts, but improving on the daily and weekly charts, which suggests pullbacks could be limited.
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